{"id":59911,"date":"2019-05-21T00:53:53","date_gmt":"2019-05-21T00:53:53","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=59911"},"modified":"2019-05-21T00:53:53","modified_gmt":"2019-05-21T00:53:53","slug":"210519-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/210519-morning-session-analysis\/","title":{"rendered":"210519 Morning Session Analysis"},"content":{"rendered":"

21 May 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

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Dollar flats while trade war brews.<\/strong><\/span><\/p>\n

Greenback was traded flat on Monday following heightening trade tension in between US and China. In an unprecedented move, tech giants such as Google, Intel and Qualcomm have announced to halt any business relation with Huawei by cutting off supply of semiconductors, chips and services. The announcement has raised more uncertainty over how trade negotiation in between US and China will pan out in the future. The move was announced after Trump administration blacklisted Huawei last week over national security concern as Huawei was accused to have close ties with the Chinese government. As of writing, the dollar index slumped 0.07% to 97.73 during Asian trading session. Similarly, pair of GBP\/USD was traded flat at around 1.2725 as market participants await more signals with regards to Brexit. Earlier today, UK finance minister Philip Hammond warned that providing support for a \u201cNo deal Brexit\u201d will inflict significant damage to UK\u2019s economy and their living standard as no preparation could avoid its consequences.<\/p>\n

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As for commodities, crude oil price rebounds by 0.14% to $63.23 per barrel. Oil futures received some bullish support after Venezuela crude production slumped further from 1.2 million barrels per day to 830,000 barrels per day, its lowest since January 2003. Otherwise, gold price was traded flat around $1,277.74 a troy ounce as market participants await further signals from the market.<\/p>\n

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Today\u2019s Holiday Market Close<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

N\/A<\/p>\n

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Today\u2019s Highlight Events<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

16:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoE Gov Carney Speaks<\/p>\n

Tentative\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Inflation Report Hearings<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n\n
Time<\/strong><\/td>\nMarket & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 CBI Industrial Trends Orders (May)<\/td>\n-5<\/td>\n-5<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Existing Home Sales (Apr)<\/td>\n5.21M<\/td>\n5.35M<\/td>\n–<\/td>\n<\/tr>\n
05:30<\/p>\n

(22nd<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n8.600M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Technical Analysis<\/u><\/strong><\/p>\n

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retrace from its higher levels. MACD which begins to form a death cross signal suggests the index to be traded lower in short-term, towards the direction of 97.65.<\/p>\n

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Resistance level: 97.95, 98.60<\/p>\n

Support level: 97.65, 97.30<\/p>\n

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GBPUSD, H1: <\/strong>GBPUSD was traded flat near the support of 1.2700. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.<\/p>\n

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Resistance level: 1.2790, 1.2900<\/p>\n

Support level: 1.2700, 1.2630<\/p>\n

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EURUSD, H1: <\/strong>EURUSD was traded flat following prior retracement from the 60-MA line (green). MACD which illustrate diminishing upward momentum suggests the pair to be traded lower after closing below the 20-MA line (red).<\/p>\n

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Resistance level: 1.1200, 1.1220<\/p>\n

Support level: 1.1155, 1.1100<\/p>\n

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USDJPY, H1: <\/strong>USDJPY was traded higher following prior rebound from the lower level of the upward channel. MACD which begins to form a golden cross signal suggests the pair to extend its gains after closing above 110.10.<\/p>\n

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Resistance level: 110.10, 110.55<\/p>\n

Support level: 109.80, 109.40<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the downward trendline. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term after closing below 0.6915.<\/p>\n

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Resistance level: 0.6955, 0.7020<\/p>\n

Support level: 0.6915, 0.6860<\/p>\n

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NZDUSD, H1: <\/strong>NZDUSD was traded higher following prior rebound while currently testing near the resistance at 0.6540. MACD which illustrate bullish signal suggests the pair to extend its gains after breaking the target of 0.6540.<\/p>\n

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Resistance level: 0.6540, 0.6570<\/p>\n

Support level: 0.6515, 0.6450<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded within a sideways channel while recently closed below 1.3435. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 1.3400.<\/p>\n

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Resistance level: 1.3435, 1.3490<\/p>\n

Support level: 1.3400, 1.3370<\/p>\n

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USDCHF, H1: <\/strong>USDCHF was traded higher following prior rebound from the support level of 1.0080. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term, towards the direction of 1.0095.<\/p>\n

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Resistance level: 1.0095, 1.0110<\/p>\n

Support level: 1.0080, 1.0055<\/p>\n

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CrudeOIL, H1: <\/strong>Crude oil price remains traded within a sideways channel following prior retracement from the top level. MACD which illustrate diminished upward momentum suggests the its prices to be traded lower in short-term after closing below the 60-MA line (green).<\/p>\n

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Resistance level: 63.70, 64.70<\/p>\n

Support level: 62.50, 61.00<\/p>\n

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GOLD_, H1: <\/strong>Gold price was traded flat after breaking out from the upward trendline. MACD which illustrate diminishing upward momentum suggests its prices to extend its losses after breaking the strong support near 1275.30.<\/p>\n

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Resistance level: 1285.80, 1295.65<\/p>\n

Support level: 1275.30, 1267.00<\/p>\n","protected":false},"excerpt":{"rendered":"

21 May 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis     Dollar flats while trade war brews. Greenback was traded flat on Monday following heightening trade tension in between US and China. In an unprecedented move, tech giants such as Google, Intel and Qualcomm have announced to halt any business relation with Huawei by cutting off supply of […]<\/p>\n","protected":false},"author":54,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[13],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/59911"}],"collection":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/users\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=59911"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/59911\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=59911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=59911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=59911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}